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Investor Ideas Potcasts #620, Cannabis News and Stocks on the Move; Interview with Charles Pyfrom, CMO from CannGen Insurance Services

 

Delta, Kelowna, BC - January 7, 2022 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site, www.potcasts.ca release today's podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.

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https://www.investorideas.com/Audio/Podcasts/2022/010722-StocksToWatch.mp3

Investor Ideas Potcasts #620, Cannabis News and Stocks on the Move; Interview with Charles Pyfrom, CMO from CannGen Insurance Services

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Today's podcast overview/transcript:

Good afternoon and welcome to another episode of Investorideas.com "Potcast" featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.

In today's podcast InvestorIdeas interviews Charles Pyfrom, CMO from CannGen Insurance Services, a provider of comprehensive insurance coverages for the cannabis, CBD, and hemp industry nationwide.

CannGen is the first Managing General Underwriter (MGU) exclusively focused on the legal cannabis industry and a pioneer in analyzing the unique exposures faced by the wide range of business operations in the space.

Recent projections show that the cannabis market will witness a CAGR of 13. 9% by 2026. With this forecasted market increase, the need for comprehensive insurance will become increasingly evident.

CannGen was founded in 2008 and since joining the company in 2013, Charles Pyfrom has seen the expansion of the insurance side of the cannabis industry first hand. "As the industry matured, we grew from this small little retailer, into a wholesaler, into a MGU cover Holder into a full fledged MGU underwriting facility, to where now we underwrite on behalf of five and ten carriers on the risk and we act as if we are the carrier in every stretch of the imagination from underwriting, quoting, soliciting business, binding opportunities, endorsing and really the entire life cycle of a policy form to provide the real coverage that our company was founded on for the unique needs of the cannabis industry and its growing popularity across North America."

When asked about how CannGen aims to deal with some of the difficulties facing the industry with regards to insurance coverage, Pyfrom commented, "a lot of times the insurance industry is never quick to react, in fact in all fairness we're usually a laggard of adapting to the changing needs of the business communities that we serve, but in this we wanted to take a quick approach and really be proactive in building something from the ground up. What I mean by that is that, just like the growing cannabis business themselves started from a grass roots level, we didn't take what was already existing out there and slap on some cannabis exclusions or cannabis components to make it cannabis friendly. Instead we took a second to back up, take a look at what the unique needs were of the buyer, whether that was theft or living plant coverage, and then apply it within an insurance lens and insurance framework that said we believe in what you're doing. We wanted to make sure that we built something that is meant for the needs of the buyers but is also coverage focussed in that we can help support it with our carriers to bring these additional products, bring bigger capacity, bring net new exposures to the table with appropriate risk transfer solutions that make sense for everyone along the supply chain."

Pyfrom went on to discuss the evolution of the insurance segment of the cannabis industry as the industry has expanded and more ancillary businesses have come into the fold and as more MSO's are becoming more sophisticated.

Directors & Officers Liability insurance has historically been one of the most difficult policies for a cannabis company to secure -- and is often forgone. But cannabis companies need to realize that it might just be one of the most important coverages they can get. The purpose of a D&O policy is to protect the directors, officers (and typically the company), from claims made against them by investors, customers, competitors, or vendors for mismanagement, misrepresentation, or breach of duties that cause financial consequences.

Underwriters such as CannGen Insurance Services, the first "one-stop-shop" for all cannabis-related insurance needs, has just launched a D&O offering, one of the first. They have been able to accomplish this because they understand how to work with the current laws to provide extensive, sometimes complicated coverage.

Pyfrom went on to discuss in more detail some of the specific insurance needs CannGen helps provide to the cannabis industry as well as how he sees CannGen evolving to match the industry over the next year.

To find out more information regarding CannGen click here.

Investor ideas reminds all listeners to read our disclaimers and disclosures on the Investorideas.com website and that this podcast is not an endorsement to buy products or services or securities. Investors are reminded all investment involves risk and possible loss of investment.

Learn more about our cannabis podcasts at https://www.investorideas.com/Audio/Potcasts.asp

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